Ripple CEO Brad Garlinghouse believes that ‘tribalism” surrounding Bitcoin and other cryptocurrency has slowed the growth of the entire $2 Trillion industry and caused ‘fractured representation’ in front of US legislators.
Garlinghouse stated that “Polarization isn’t healthy in my judgment,” at last week’s Paris Blockchain Week Summit.
He said that he has bitcoin and ether, among other cryptocurrencies. He also stated that he believes that the industry will continue its growth. He said that all boats can rise and that not only the most popular cryptocurrency bitcoin will be successful over time.
Bitcoin’maximalists see the coin as the only digital currency that can rule all others. In the case of cryptocurrency, the maximalist view is that one asset offers a greater reward than others.
Garlinghouse was formerly an executive at Yahoo! and drew a comparison between the current-day crypto industry, and the dotcom era in the late 1990s to illustrate how multiple businesses thrived within the same industry.
‘Yahoo and eBay could both be successful,’ he said. He said that they solve different problems. “There are different uses, different audiences, and different markets. Many of these parallels are still apparent today, I believe.
According to data from CoinMarketCap, there are nearly 19,000 cryptocurrency today. The combined crypto market value is approximately $1.9 trillion. Bitcoin is the most valuable cryptocurrency, with a value of $789 billion as at Wednesday.
Garlinghouse believes that bitcoin maximalists could make money by trusting in one cryptocurrency but they would be missing out on thousands of assets that have been created to capture value.
Jack Dorsey, Twitter founder and microStrategy CEO Michael Saylor were two of the most prominent bitcoin maximalists. They are vocal in their support of the cryptocurrency and proclaimed it to be the most important digital asset going forward.
Garlinghouse stated that such support has created a division in representation when it is time to call on US lawmakers for regulatory strategies to be addressed.
President Joe Biden presented the first-ever governmental approach for examining the potential benefits cryptocurrencies by signing the crypto executive order.
Other government agencies that help to create cohesive policies for digital assets include the Treasury, Commodity Futures Trading Commission CFTC, Securities and Exchange Commission sEC and Consumer Financial Protection Bureau CFPB.
Garlinghouse stated that he was shocked by the lack of coordination between Washington DC and crypto industry.
Ripple, a cryptocurrency payment settlement system, is best known for its XRP coin. Ripple argued that the token should not be considered a security but a virtual currency and has been fighting the SEC.